Exercise 2 FINISHED GOOD NVENTORY Raw Material MANUFACTURING MANUFACTURING PROCESS 2 “X PROCESS Raw Material As the flow chart shows, the company uses two raw materials: “X” and “Y Raw material “X” is used in the manufacturing process 1, and raw material “Y” is used in the manufacturing process 2, them the finished good product is obtained Data available are as follows Concepts Raw materials “X” invento Raw materials “Y” inve Work-in-process “1” invento Work-in-process “2” invento Finished goods invento Beginnin Endin 2,000 units 70/u 300 units Material X used were 30,000 total amount and material Y used were 10,800 total amount. The total amount of warehousing costs is 4,080 The allocation base used to allocated warehousing cost is the total amount of direct material used Regarding Direct manufacturing labour cost at process 1 were 5,000 and at process 2 were 4,000 Regarding Indirect manufacturing overhead cost at process 1 were 10,000 and at process 2 were 9,000 The units produced at manufacturing process 2 are 1,000 units Task 1. Calculate the warehousing allocation rate 2. Calculate the warehousing costs allocate to each raw material 3. Calculate the costs of good manufactured at process 1 and 2 4. Assuming the Company uses the FIFO method to value the finished goods inventory, calculate the costs of goods sold